Source: https://mercomindia.com/sunseap-acquires-minority-stake-todae-solar/

Sunseap Group has acquired a minority stake in Todae Solar, an Australian commercial and industrial engineering, procurement and construction (EPC) solar company.

According to Sunseap, a Southeast Asia-based renewable energy provider, the partnership is expected to provide growth opportunities for both the companies to deliver larger and more complex projects in Australia. In addition, Sunseap is expected to be able to leverage on Todae Solar’s expertise in solar EPC and construction management while Todae Solar will tap Sunseap’s expertise and track record in providing power purchase agreement solutions, project financing, operations and maintenance.

Lawrence Wu, Co-Founder and President of Sunseap Group, said, “We believe that this is a timely move as the outlook for solar photovoltaics in Australia is bullish and the market is growing fast. Through this partnership, we will be able to tap Todae Solar’s extensive network of commercial clients to build a solar portfolio in the country.”

Danin Kahn, CEO of Todae Solar, said, “We will use this opportunity to further enhance our position as Australia’s leading commercial installer as we build and strengthen our brand, and accelerate our growth. This partnership will also help expand our reach in Australia through Sunseap’s Asian clients operating in Australia.”

Kahn added that despite the synergies of working together, Sunseap’s investment will not affect business as usual operations including existing (or future) partners or suppliers.

Sunseap currently has pipeline of projects in Cambodia, India, Thailand, Vietnam and Malaysia, including a 168 MW solar farm in Vietnam, the largest in the country, a 62 MW utility scale farm in the Philippines and a 10 MW utility scale farm in Cambodia. In Singapore, it is the largest owner of solar rooftop systems, with more than 163 MW of contracted capacity. In India, Sunseap in joint venture with Charisma Energy has a 140 MW solar project in Rajasthan in operation since August 2017.

Todae Solar has a 15-year record of installing solar projects across Australia including over 75 MW of combined solar energy for various businesses in the country.

Meanwhile, in India, AMP Solar, a Canadian renewable developer, recently acquired the remaining 51 percent stake in Rudra Solarfarms, a special purpose vehicle built by another renewable developer Suzlon to execute the 15 MW grid-connected solar photovoltaic project at Achampet in Telangana.